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Social Media: Its Features And Challenges

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Social Media, otherwise referred to as the ‘New Media’ have apparently dominated the information sector. In many aspects, the platform is distinct from other existing media networks such as print and broadcasting.

It operates in a dialogic transmission mode – many sources to many receivers – in contrast to print and electronic media that operate under a monologic transmission mode, one source to many receivers. It can simultaneously connect as many sources and receivers as possible.

There are numerous positive roles of social media networking in nation building. Though it’s a relatively new advancement in technology, it has made the world seem like just a minute clan owing to its ability to simultaneously connect millions of people from different localities across the globe as well as spread news within a shortest time frame.

Hence, it makes information go viral that it could be assessed from any locality. It enables one to reconnect with his or her old time friend or schoolmate. In addition, it helps people to stay connected to each other at all times.

Social networking is a great way to meet entirely new individuals and entities. One can easily discover persons or groups that are into his social/business interests. Online dating is currently more common than the traditional pattern of dating, and it’s worthy of note that many happily married couples today met online.

On the other hand, social media is at the moment the fastest and easiest way to promote goods and services; and it gives such products a different dazzling look, thereby encouraging the audience to patronize them.

Entertainers these days don’t need to be on television or radio before they can be heard. They can globally market their brands online with ease. The most fascinating part of it remains that the brand in question would be known by countless countries within a twinkle of an eye.

Social media equally helps to catch and convict criminals. People are usually ignorant of the consequences of what they post online. Oftentimes they post, albeit ignorantly, pictures or videos of themselves doing illicit things. In the same vein, they also place bragging posts regarding various ‘minor’ crimes they have committed.

The law enforcement agencies invariably visit these sites towards fishing out the bad eggs as well as to trace a suspected culprit. The sites also assist the agencies while prosecuting any suspect in their custody.

However, it’s imperative to note that there are equally negative impacts of social media on mankind and the society at large. There are several falsehoods on various social media platforms; such information or propaganda can stir up panic and severe misinformation in the affected area.

For instance, in the 2019 general elections conducted in Nigeria, the social media were deeply involved in misinforming the people as regards collation cum announcement of election results, which remains the statutory obligation of the electoral umpire, thereby overheating the polity.

Although they help to start new relationships, they have on the contrary succeeded in ruining or terminating various other existing relationships. The ability to easily share people’s privacy, such as nude pictures and videos, on social sites has constituted several nuisances in people’s real life. It suffices to say that it puts trust to a limit.

Cyber bullying is not left out. Having access to people’s lives at all times is not encouraging, because such avenues help many online fraudsters to lure their potential victims into their net, hence taking advantage of their vulnerability.

In the same vein, people are duped through social networking under the guise of ‘buying and selling’. The fact that you are not seeing who you are conversing with is enough reason to worry.

Prospective employers use social media to scrutinize, and consequently discriminate against their intending employees. They would delve into the profile of the job seeker and by doing so, would acquire all the needed private information about him or her. Employers always use this mechanism to their advantage and in most cases, to the detriment of the applicant.

One of the greatest plights attached to social media remains that people are fast becoming addicted to it. This kind of craze causes a lot of distractions for people in their respective fields of endeavour. Many people invariably sleep on the platform on a daily basis.

Moreover, social media is not always reliable as regards availability. This may be due to temporary failure from the network providers. Sometimes, it could be a worldwide phenomenon emanating from the central server, as it was witnessed a few days ago when there was an outage of some of the platforms including Facebook, WhatsApp and Instagram.  Any of these experiences may occur when the platform is mostly needed, hence the need for the teeming users to always have an alternative means of communication within their reach.

On the other hand, most people while conveying messages on social media prefer using symbols, smileys, abbreviations or what have you, to writing words in full. This syndrome, which is an aberration, has gone a long way in causing a great decline in the people’s grammatical ability.

Hacking is another worrisome factor that can’t be overlooked while discussing social media. Internet hackers can intercept your account under a certain guise or by gaining access to your password. Considering that most users of social media aren’t professionals indicates that people are liable to constantly fall victim.

It would be ideal to regulate the day-to-day usage of social media with a view to sustaining decency and legality. All stakeholders to include families, communities, schools and religious bodies are required in implementing the proposed regulation.

The leadership of the above key institutions can institute a law binding the users of social media within their respective jurisdictions. The parents/guardians, for instance, can determine when and where cell phones should be used by their wards. Self-control will also help to avert several misfortunes that could befall the users of the platform.

Above all, individuals, groups and corporate organizations are advised to maintain a complicated password on their various accounts and endeavour to change it regularly, to avoid hacking.

Social media is undoubtedly a viable and remarkable platform for all forms of communication and information dissemination. However, its numerous intrigues, and challenges call for thorough caution.

Oscars Film Academy Bans Will Smith From Oscars Ceremony For 10 Years

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Following the controversial drama that occurred at the just concluded Oscars Award, which saw American Star actor Will Smith slap comedian Chris Rock on the face after the comedian made a joke about his wife Jada Pinkett Smith’s hair loss. The drama trended worldwide and was on the lips of many, with a large number of people criticizing Will Smith’s despicable action for going so low at a prestigious awards ceremony.

Having regretted his actions, the Men In Black actor tendered an apology to the Oscar Academy for his action, as well as publicly apologizing to comedian Chris Rock via a lengthy Instagram post. Just recently, the Board of Governors for the Academy of Motion Pictures Arts and Sciences convened to discuss the consequences of actor Will Smith’s unpleasant action at the 94th Oscars Awards and concluded with the decision to ban the actor from the Oscars award ceremony for 10 years.

According to information gotten from reliable sources, it was disclosed that there were several calls from industry insiders and movie fans for Will Smith’s Oscar award to be taken back from him.

Even though the actor had earlier announced his resignation from the Oscars Academy after the slap incident, he was however handed a ban by the Academy. The ban will however see Will Smith restricted from attending any Academy events or programs, in person or virtually, but not limited to academy awards. Although his resignation and ban will not preclude him from being nominated or winning a future Academy award.

The Academy statement reads;

“The 94th Oscars was meant to be a celebration of the many individuals in our community who did incredible work this past year; however, those moments were overshadowed by the unacceptable and harmful behavior we saw Mr. Smith exhibit on stage.

During our telecast, we did not adequately address the situation in the room. For this, we are sorry. This was an opportunity for us to set an example for our guests, viewers, and our Academy family around the world, and we fell short unprepared for the unprecedented.

Today, the Board of Governors convened a meeting to discuss how best to respond to Will Smith’s actions at the Oscars, in addition to accepting his resignation. The Board has decided, for 10 years from April 8, 2022, that Mr. Smith shall not be permitted to attend any Academy events or programs, in person or virtually, including but not limited to the Academy Awards.

We want to express our deep gratitude to Mr. Rock for maintaining his composure under extraordinary circumstances. We also want to thank our hosts, nominees, presenters, and winners for their poise and grace during our telecast.

This action we are taking today in response to Will Smith’s behavior is a step toward a larger goal of protecting the safety of our performers and guests and restoring trust in the Academy. We also hope this can begin a time of healing and restoration for all involved and impacted.”

There are so many lessons to learn from Will Smith’s slap saga, as it is a wake-up call to everyone to always put their emotions in check and not let it get the better part of them. It is often said that ‘talent will get you in a door, but character will keep you in the room. A talented person without a good character is just like a ticking time bomb waiting to explode because one day such a person will let hell loose that will cost them so many things.

We all need to think twice before taking any action because there are certain actions one can take that will be the end of a person’s career. Just like Will Smith, despite all the beautiful career he has built over the years, one careless mistake plunged his career into a mess.

Egoras – Merging Fintech and Engineering

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Everything in this video has been refurbished and buyers receive months-long service guarantees. Egoras has created a new business model where we merge lending and engineering to make life easy for citizens.

Our goal is to become the largest retail chain for refurbished items. We know that the United Nations will like it to fight global warming, and most especially, our fellow citizens will appreciate the cost efficiencies. Learn more about Egoras here.

Consider Egoras in your next shopping trip.

Buhari Seeks Approval for Fresh Loan As Nigerian Budget Deficit Increases to N7.5 trillion, 3.99% of GDP

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As the negative implication of petroleum products importation bites harder, the federal government of Nigeria is once again seeking to upset the resulting budget deficit through loans.

On Thursday, the Speaker of the House of Representatives Femi Gbajabiamila, read a letter sent by President Muhammadu Buhari, requesting approval for a fresh loan and a review of the 2022 Appropriation Act.

The president said the total budget deficit is expected to increase by N965.42 billion to N7.35 trillion, representing 3.99% of GDP. This is mainly due to the surge in oil price that has significantly shot above Nigeria’s $62/barrel 2022 budget oil benchmark.

Buhari said the incremental deficit will be financed by new borrowings from the domestic market. He also requested the review of the 2022 Medium-Term Expenditure Framework (MTEF), upon which the budget was hinged.

“As you are aware, Mr. Speaker, the new development both in the global economy as well as the domestic economy has necessitated the revision of the 2022 fiscal framework on which the 2022 budget was based.

“The total budget deficit is projected to increase from N965.42 billion to N7.35 trillion, representing 3.99 percent of the GDP.

“The increment of the deficit will be financed by new borrowings from the domestic market.

“Given the urgency of the request for revision of the 2022 fiscal framework and 2022 budget amendment, I seek the corporation of the National Assembly for expeditious action on this request,” he said.

The speaker referred the letter to the house committee on finance for further legislative action.

Last month, Nigeria’s public debt profile hit a new height of N41 trillion, according to data from the Debt Management Office. The federal government’s borrowing was recently accelerated by the need to fill the budget deficit buoyed by fuel subsidy payments.

Exacerbated by the outbreak of Russia-Ukraine conflict, Nigeria’s government is grappling with the economic headwinds emanating from the rise in crude oil price. Though an oil-based economy, Nigeria has no functioning refineries, a situation that has made it dependent on importation of petroleum products refined outside its shores. This means, like in non-oil producing countries, pump prices in Nigeria will be determined by the activities in the international market.

The situation is further compounded by the West African country’s lack of capacity to increase its oil output amid the burgeoning global demand. Nigeria is Africa’s largest producer of oil and sixth largest exporter in the world, with a maximum crude oil production capacity of 2.5 million barrels per day. But as of February, the Africa’s largest economy could only put out an average of 1.417 million barrels per day, a decline of 10,000 barrels per day when compared to the 1.427mb/d produced averagely in the month of January 2021, according to data published by Organization of the Petroleum Exporting Countries (OPEC).

The only time Nigeria had come close to its maximum production capacity was in November, 2005, when it recorded an all time high production output of 2475 mb/d.

The Nigerian National Petroleum Corporation Limited (NNPC), has attributed the poor output to vandalism of oil pipelines and other installations. The Minister of State for Petroleum Resources, Chief Timipre Sylva, said it’s due to the withdrawal of operation by multinational oil companies and investors from Nigeria.

“The rate at which investments were taken away was too fast. Lack of investment in the oil and gas sector contributed to Nigeria’s inability to meet OPEC quota. We are not able to get the needed investments to develop the sector and that affected us,” Sylva said in a statement by his media aide, Horatius Egua, in March.

Nigeria’s production output has stagnated around 1.4mb/d for 11 years now, which greatly falls short of the 1.8mb/d quota set by OPEC.

These backdrops have set Nigeria up to the self-sabotaging economic choice of borrowing to fund its fuel subsidy, as the timeline of total removal of the subsidy has repeatedly been adjusted forward due to unforeseen changes in the oil market.

This is not the first time in the year the federal government is making a request for the review of the 2022 Appropriation Act. In January, the Minister of Finance, Zainab Ahmed asked for the amendment of the budget to accommodate the increase in oil price.

With the global oil price still on the rise, experts believe that more borrowings and further amendments of the 2022 Appropriation Act are inevitable.

Tekedia Live – First Scaler Advantages, Optimizing Uncertainty, Speed & Growth

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Join me tomorrow at Tekedia Live as we discuss first-scaler advantages and how to optimize uncertainty, speed and growth in young companies. The world focuses on first-mover advantages (the first to market largely wins); I dwell on first-scaler advantages because the stable state sector-winners are not just those who pioneer sectors, but rather those who scale first, improving marginal costs and unit economics on the way.

The greatest reward in digital businesses is attaining near-zero marginal cost where marginal cost over time in the finite time becomes asymptotic. In Further mathematics in secondary school, in the Series section, you can say that let x be a continuous variable tending to a limit. If you have a real function f (x), and positive function g(x), you can have an asymptotic equivalence if f/q ? 1 as the limit is taken (you can also use Landau symbols and express all with infinity over a discrete space).

Good People, I will not bring any calculus tomorrow. But note this, the best pricing models in Lagos in logistics startups deploy a lot of calculus. Distribution cost, a key component of marginal cost, remains extremely unbounded where you have no postal service, and that means you have to use calculus to determine certain things using your operating variables. Mathematics graduates are hired to build those pricing systems.

Tekedia Mini-MBA >> come for a mindset. Registration for the June edition continues here